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Old 07-04-2010, 10:57 PM   #10
Cool Hand Lurker
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Join Date: May 2010
Location: So Minn
Posts: 1,565
Default Re: Old Cars and Trusts/Wills

Charlie, I hate to say it but I think you will be creating a real headache for whomever has to clean up after you. It all sounds good, but in truth it creates a huge job for the executor in an area that they will probably have absolutely no experience or even interest. "Huge job" translates to "Expensive" and the activity described will milk your estate dry. Compare it to if you had to follow the same process to get the best buck out of your deceased sister's lifetime Barbie doll collection. That's a lot of work for something you would probably have little interest in and no incentive to do a thorough job.

The best way to handle this that I have seen happened last summer. A friend had a family of five siblings who all wanted parts of his Model T & A collection. It was an impossible situation. They all agreed to have an auction and bid on the things they wanted. Some of them did not get what they wanted because they did not bid high enough, but agreed that the estate did better and they did receive their fair share of the proceeds so nobody got cheated. If they had really wanted the item they could have bid higher but it was their choice. And they did not have to go through all the work you suggested because the auctioneer took care of everything and all of the stuff got sold at market rate, even the junk. And at a much lower fee than the attorney or executor would have charged the estate! A side benefit was that a lot of family and old friends came to the auction and talked to the family about the deceased and they felt better about it afterwards.

It might not have gone the way you as the deceased wanted it to, but like they say you can't take it with you. And you can't really tell people what to do once you are gone, no matter how much that Model A meant to you.
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